Required information The Foundational 15 (Static) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] The following information applies fo the questions displayed below] Morganton Company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,400 , 10,000,12,000, and 13,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales c. The ending finished goods inventory equals 20% of the following month's unit sates d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $2.00 per pound. e. Thirty percent of raw materials purchases are paid for in the month of purchase and 70% in the following month. f. The direct labor wage rate is $15 per hour. Each unit of finished goods requires two direct labor-hours. g. The variable selling and administrative expense per unit sold is $1.80. The fixed selling and administrative expense per month is $60,000, Foundational 8-1 (Static) Required: Required: 1. What are the budgeted sales for July? 4. According to the production budget, how many units should be produced in July? 6. If 61,000 pounds of raw materials are needed to meet production in August, what is the estimated cost of raw materials purchases for July? 10. What is the total estimated direct labor cost for July? 13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $10 per direct laborthour, What is the estimated cost of goods sold and gross margin for July? 14. What is the estimated total selling and administrative expense for July? 15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $10 per direct labor-hour, what is the estimated net operating income for July? 2. What are the expected cash collections for July? 7. In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost of raw material purchases in June is $88,880; and 61,000 pounds of raw materials are needed to meet production in August. 3. What is the accounts recerable balance ot the end of July? 8. If 61,000 pounds of taw materials are needed to meet production in August, what is the estimated accounts payable balance at the end of July